If financing is needed, the GCIDC will work to review the proposed financing project and recommend financing alternatives utilizing local, state and federal financing programs, as well as grant opportunities.
Many of the available programs can be packaged to work in conjunction with each other; however each has its own specific requirements and restrictions. Therefore, the first step should always be to contact the GCIDC so that a complete assessment can be performed to determine which programs may be applicable. The GCIDC staff will coordinate and assist in the application process for all involved lending sources in an effort to streamline and expedite the request.
Financing assistance is available for existing Greene County companies, firms relocating to the area, and real estate developers. Programs provide monies to assist with working capital, machinery and equipment purchases, building & land acquisition and facility construction and expansion.
The Pennsylvania Industrial Development Authority (PIDA) provides low-interest loans to local nonprofit industrial development corporations (IDCs) for eligible businesses that commit to creating and/or retaining jobs. PIDA funding may be used in conjunction with other state financing programs or with programs operated by the state wide economic development net work of local economic development providers. All loan applications for PIDA financing in Erie County must be submitted through an EDCEC Affiliated Agency.
The Pennsylvania Economic Development Financing Authority (PEDFA) was established in 1987 by the Economic Development Financing Law to provide access to low-interest financing to businesses through the issuance of tax-exempt and taxable bonds. PEDFA finances projects on both a composite pool and a stand-alone basis.
The Machinery and Equipment Loan Fund (MELF), which is administered by the Department of Community and Economic Development (the Department), is designed to stimulate the growth and assist in the retention of Pennsylvania businesses. The program provides low-interest loan financing for a portion of the cost of machinery and equipment purchases to eligible businesses that commit to creating or retaining jobs within the Common wealth. MELF may be used in conjunction with other state financing programs or with programs operated by local or regional economic development providers.
Financing programs are available to eligible non-profit organizations to assist with refunding as well as building & land acquisition and facility construction and expansion.
The Greene County Industrial Development Authority is an instrumental part of Greene County government and is an affiliated agency of the GCID. The IDA acts as a vehicle for tax-exempt financing for not for project and for profit projects which promote job retention and growth.
Project specific grants may be available to assist with funding of projects depending on program eligibility and requirements. The GCID Team has extensive background in grant identification, application, auditing and management. We have a strong track record and experienced team having successfully secured over $10 million in grants over the past 3 years. The GCID provides grant administration and monitoring services based on specific third party project needs.